Indiana

The state of Indiana has opted out of the federal bankruptcy exemptions. Debtors in Indiana are required to use the state’s bankruptcy exemptions. There is very little protection afforded to homestead. However, some protection is afforded to properly structured life insurance arrangements.

Iowa

Iowa is a very good state for debtors. Iowa has an unlimited homestead exemption for property within a certain size as well as having protection for properly structured life insurance arrangements.

Kansas

The state of Kansas is a good asset protection area. Kansas offers an unlimited homestead exemption, and protection for properly structured life insurance arrangements.

Kentucky

Apparently, the Bluegrass State of Kentucky doesn’t think that property there is very valuable, since homestead exemption is only $5,000. Along with that, only a fraction of annuity payments is protected from creditors. However, as with most states, properly structured life insurance policies can be protected from creditors.

If you would like more information regarding asset protection, trusts, family limited partnerships or the subject of this article please call or email our office.